Brazil: Answering the Big Lie

Brazil's leftists and ultranationalists make
it an article of faith that foreign investors take more money out of
Brazil in profits than they put into the country. This myth persists
despite a recent Brazilian law that prohibits overseas profits
remittances of more than 10% of invested capital; in practice, actual
remittances average only about 2.7%. But the attacks run on, noisily
spearheaded by President Joao Goulart's leftist, demagogic
brother-in-law, Leonel Brizola. Last week outspoken U.S. Ambassador
Lincoln Gordon went before 600 U.S. and Brazilian businessmen in Sao
Paulo to answer what he called the "big lie." The...